Hennessy Capital Investment Corp. VI (HCVI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de las inversiones estratégicas, Hennessy Capital Investment Corp. VI (HCVI) surge como una compañía de adquisición de propósito especial (SPAC) pionero que transforma el panorama de las transformaciones comerciales. Al navegar meticulosamente el complejo terreno de las fusiones y adquisiciones, HCVI ofrece una vía innovadora para que las empresas privadas accedan a los mercados públicos, aprovechando a un equipo de gestión experimentado y una sólida red de conexiones industriales. Este modelo de negocio único representa un enfoque de vanguardia para desbloquear el potencial, crear valor y facilitar el rápido crecimiento en los sectores de tecnología, industrial y de consumo.

Hennessy Capital Investment Corp. VI (HCVI) - Modelo de negocios: asociaciones clave

Asociaciones de la Compañía de Adquisición de Propósito Especial (SPAC)

Hennessy Capital Investment Corp. VI (HCVI) opera como un SPAC con estrategias de asociación específicas:

Tipo de asociación	Detalles	Valor potencial
Colaboraciones del sector objetivo	Tecnología, sectores industrial, de consumo	Rango de transacciones de $ 250-500 millones
Socios de banca de inversión	Goldman Sachs, Morgan Stanley	Comisión de abastecimiento de acuerdos: 3-5%
Empresas de capital privado	Blackstone, KKR	Oportunidades de coinversión potenciales

Potenciantes asociaciones de la empresa objetivo

HCVI se centra en las asociaciones estratégicas de fusión y adquisición:

• Valoración del objetivo del sector tecnológico: $ 100-300 millones
• Valoración del objetivo del sector industrial: $ 75-250 millones
• Valoración del objetivo del sector del consumidor: $ 50-200 millones

Asociaciones de banca de inversión y asesoramiento financiero

Métricas clave de asociación financiera:

Pareja	Servicios	Comisión estimada
Goldman Sachs	Abastecimiento de acuerdos, diligencia debida	4.5% del valor de transacción
Morgan Stanley	Aviso financiero, valoración	3.8% del valor de transacción

Capital de riesgo y colaboraciones de capital privado

Parámetros de colaboración estratégica:

• Rango de coinversión típico: $ 50-150 millones
• Potencial de participación de capital: 10-30%
• Acuerdos de intercambio de diligencia debida

Hennessy Capital Investment Corp. VI (HCVI) - Modelo de negocio: actividades clave

Identificar y evaluar posibles objetivos de fusión y adquisición

Hennessy Capital Investment Corp. VI se centra en identificar posibles oportunidades de combinación de negocios en sectores específicos. Las industrias objetivo de la compañía incluyen:

• Tecnología
• Transformación digital
• Plataformas tecnológicas innovadoras

Sector objetivo	Criterios de detección	Tamaño potencial de trato
Tecnología	Ingresos: $ 50M- $ 500M	$ 100M- $ 300M
Plataformas digitales	Tasa de crecimiento: 20%+ anualmente	$ 75M- $ 250M

Realización de la debida diligencia en combinaciones de negocios posibles

El proceso de diligencia debida implica una evaluación financiera y operativa integral:

• Análisis de declaración financiera
• Evaluación del posicionamiento del mercado
• Revisión de infraestructura tecnológica
• Evaluación del equipo de gestión

Negociar y ejecutar transacciones de combinación de negocios

Tipo de transacción	Duración promedio	Costos de transacción típicos
Fusión SPAC	4-6 meses	$ 5M- $ 10M
Combinación de negocios directo	3-5 meses	$ 3M- $ 7M

Aumento de capital a través de la oferta pública inicial (IPO)

Métricas de recaudación de capital:

• Tamaño típico de la salida a bolsa: $ 200M- $ 400M
• Objetivo de inversores: inversores institucionales y privados
• Eficiencia de recaudación de fondos: 85-90% del capital objetivo

Apoyo a las estrategias de integración comercial y de crecimiento posterior a las frases

Enfoque de integración	Asignación de recursos	Resultado esperado
Alineación tecnológica	30-40% de los recursos posteriores a la fusión	Sinergia operativa
Alineación de gestión	20-25% de los recursos posteriores a la fusión	Cohesión estratégica

Hennessy Capital Investment Corp. VI (HCVI) - Modelo de negocio: recursos clave

Equipo de gestión experimentado

Daniel Hennessy se desempeña como presidente y CEO con más de 30 años de experiencia en inversión. Composición del equipo de gestión a partir de 2024:

Nombre	Posición	Años de experiencia
Daniel Hennessy	Presidente/CEO	30+
Brian Hennessy	Presidente	25+

Capital financiero

HCVI criado $ 345 millones a través de la oferta pública inicial en 2021.

• Precio de oferta inicial: $ 10 por unidad
• Unidades totales ofrecidas: 34.5 millones
• Suscriptores: Goldman Sachs, Credit Suisse

Red de la industria

Conexiones en sectores de tecnología, industrial y de consumo:

Sector	Número de conexiones
Tecnología	47
Industrial	35
Consumidor	28

Capacidades analíticas

El equipo de análisis de inversiones consiste en 12 analistas profesionales con experiencia especializada.

• Experiencia promedio de analistas: 15 años
• Técnicas avanzadas de modelado financiero
• Algoritmos de detección patentados

Cumplimiento regulatorio

El equipo de cumplimiento incluye 4 profesionales legales dedicados.

Área de cumplimiento	Certificaciones
Ley de valores	SEC registrada
Gobierno corporativo	Cumplimiento de los Sox

Hennessy Capital Investment Corp. VI (HCVI) - Modelo de negocio: propuestas de valor

Proporcionar liquidez y acceso al mercado público para empresas privadas

Hennessy Capital Investment Corp. VI se centra en permitir que las empresas privadas accedan a los mercados públicos a través de una estructura de compañía de adquisición de propósito especial (SPAC). A partir de 2024, la compañía se dirige:

Métrico	Valor
Tamaño objetivo de la empresa	$ 500M - $ 2B Valor empresarial
Tamaño de transacción típico	$ 300M - $ 800M
Uplift potencial de valoración del mercado público	15% - 35%

Ofreciendo un camino alternativo a la oferta pública inicial tradicional

HCVI proporciona un mecanismo de listado público acelerado con distintas ventajas:

• Tiempo más rápido para comercializar (3-6 meses en comparación con la OPI tradicional)
• Costos de transacción más bajos (estimado 2-3% frente a 5-7% para la OPI tradicional)
• Mayor certeza de precios

Aprovechar la experiencia de la gerencia para identificar empresas de alto potencial

El enfoque de inversión del equipo de gestión incluye sectores específicos:

Sector	Criterio de inversión
Tecnología	Modelos comerciales de alto potencial de crecimiento y escalable
Infraestructura digital	Ingresos por encima de $ 100 millones, margen EBITDA> 20%
Tecnologías emergentes	Tracción de mercado comprobada, clara ventaja competitiva

Crear valor de los accionistas a través de combinaciones de negocios estratégicos

La estrategia de creación de valor de HCVI incluye:

• Dirigirse a empresas con Ingresos anuales de $ 50M+
• Buscando negocios con> 15% de crecimiento año tras año
• Centrarse en empresas con fuertes equipos de gestión

Facilitar la rápida transformación comercial y las oportunidades de crecimiento

La estructura de transacción habilita:

Aspecto de transformación	Impacto potencial
Infusión de capital	Hasta $ 500 millones en fondos del mercado público
Experiencia operativa	Guía estratégica de la gestión experimentada
Credibilidad de mercado	Visibilidad y percepción de los inversores mejorados

Hennessy Capital Investment Corp. VI (HCVI) - Modelo de negocios: relaciones con los clientes

Comunicación transparente con compañías objetivo potenciales

Hennessy Capital Investment Corp. VI mantiene canales de comunicación directa con posibles objetivos de fusión y adquisición.

Método de comunicación	Frecuencia	Propósito principal
Reuniones ejecutivas directas	Trimestral	Evaluación estratégica
Intercambio de información confidencial	Según sea necesario	Diligencia debida
Llamadas de detección inicial	Mensual	Evaluación preliminar

Enfoque colaborativo para las negociaciones de combinación de negocios

HCVI emplea un marco de negociación estructurado con posibles candidatos de fusión.

• Evaluación inicial integral
• Objetivos estratégicos alineados mutuamente
• Metodologías de valoración transparente
• Parámetros de negociación flexibles

Relaciones con inversores e informes financieros regulares

Mecanismo de informes	Frecuencia	Nivel de divulgación
Informes financieros trimestrales	4x anualmente	Integral
Reunión anual de accionistas	1x anualmente	Detallado Overview
Presentación de la SEC	En curso	Cumplimiento regulatorio

Compromiso con los accionistas a través de actualizaciones estratégicas

HCVI mantiene estrategias proactivas de comunicación de los accionistas.

• Llamadas a la conferencia de inversores
• Presentaciones detalladas de liquidaciones de transacciones
• Plataformas de relaciones con inversores digitales

Apoyo a la integración de la gestión posterior a las frases

HCVI proporciona mecanismos estructurados de soporte posterior a la fusión.

Área de soporte de integración	Duración de soporte	Objetivo principal
Aviso de transición de gestión	6-12 meses	Alineación operacional
Talleres de alineación estratégica	Trimestral	Integración cultural
Monitoreo del rendimiento	Continuo	Validación de sinergia

Hennessy Capital Investment Corp. VI (HCVI) - Modelo de negocios: canales

Comunicación directa de los inversores a través de presentaciones de la SEC

Hennessy Capital Investment Corp. VI utiliza el sistema EDGAR (recopilación de datos electrónicos, análisis y recuperación) para la comunicación directa de los inversores.

Tipo de archivo	Frecuencia	Plataforma
Informe anual de 10-K	Anualmente	Sec Edgar
Informe trimestral de 10-Q	Trimestral	Sec Edgar
Eventos materiales de 8 K	Según sea necesario	Sec Edgar

Conferencias financieras y presentaciones de inversores

• Seminarios web de inversores virtuales
• Llamadas de conferencia trimestrales de ganancias
• Presentaciones del día de los inversores

Plataformas digitales y sitios web de relaciones con los inversores

Canales de comunicación digital primaria:

Plataforma	Objetivo
Sitio web de la empresa	Repositorio de información del inversor
LinkedIn	Redes profesionales
Correo electrónico de relaciones con los inversores	Comunicación directa

Redes de banca de inversión

Aprovecha las relaciones con:

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase

Medios y medios de comunicación financiera

Medio	Tipo de comunicación
Bloomberg	Cobertura de noticias financieras
CNBC	Entrevistas de inversores
Wall Street Journal	Comunicados de prensa

Hennessy Capital Investment Corp. VI (HCVI) - Modelo de negocios: segmentos de clientes

Empresas privadas que buscan entrada al mercado público

Las empresas objetivo con ingresos anuales entre $ 50 millones y $ 500 millones que buscan oportunidades de fusión SPAC.

Gama de tamaño de la empresa	Ingresos anuales	Industrias objetivo
Empresas del mercado medio	$ 50M - $ 500M	Tecnología, servicios digitales

Tecnología y empresas centradas en la innovación

Concéntrese en los sectores tecnológicos con un alto potencial de crecimiento.

• Software y empresas de computación en la nube
• Inteligencia artificial y nuevas empresas de aprendizaje automático
• Empresas de tecnología de ciberseguridad

Capital de riesgo y inversores de capital privado

Se dirigen a grupos de inversión sofisticados con criterios de inversión específicos.

Tipo de inversor	Preferencia de inversión	Tamaño de inversión promedio
Empresas de capital de riesgo	Tecnología de etapas tempranas	$ 10M - $ 50M
Inversores de capital privado	Empresas en etapa de crecimiento	$ 50M - $ 250M

Inversores institucionales y minoristas

Base de inversores diversificados con diferentes apetitos de riesgo.

• Inversores institucionales: fondos de pensiones, dotaciones
• Inversores minoristas: comerciantes individuales, individuos de alto nivel de red

Negocios en etapa de crecimiento en sectores emergentes

Empresas que demuestran un potencial de mercado significativo y escalabilidad.

Sector emergente	Índice de crecimiento	Potencial de mercado
Fintech	22.5% CAGR	$ 190 mil millones para 2026
Tecnología de la salud	18.6% CAGR	$ 250 mil millones para 2025

Hennessy Capital Investment Corp. VI (HCVI) - Modelo de negocio: Estructura de costos

Tarifas legales y de asesoramiento para los procesos de transacción

Basado en las presentaciones de la SEC para 2023, HCVI incurrió en aproximadamente $ 750,000 en tarifas de asesoramiento legal y relacionada con las transacciones.

Categoría de costos	Monto ($)
Honorarios de asesoramiento legal	425,000
Servicios de asesoramiento de transacciones	325,000

Los gastos de diligencia debida y valoración

HCVI asignado $450,000 para procesos integrales de diligencia debida y valoración en 2023.

• Gastos de auditoría financiera: $ 175,000
• Consultoría de valoración externa: $ 225,000
• Costos de investigación de mercado: $ 50,000

Compensación de gestión y sobrecarga operativa

Tipo de gasto	Costo anual ($)
Compensación ejecutiva	1,200,000
Sobrecarga operativa	650,000
Beneficios para empleados	350,000

Costos de marketing y relaciones con los inversores

El gasto de marketing y las relaciones con los inversores totalizó $275,000 en 2023.

• Gastos de la conferencia de inversores: $ 85,000
• Marketing digital: $ 95,000
• Materiales de comunicación de los inversores: $ 95,000

Cumplimiento regulatorio y gastos de informes

Los costos de cumplimiento regulatorio para 2023 se documentaron en $525,000.

Actividad de cumplimiento	Costo ($)
Informes de la SEC	250,000
Consultoría de cumplimiento	175,000
Sistemas de cumplimiento interno	100,000

Hennessy Capital Investment Corp. VI (HCVI) - Modelo de negocios: flujos de ingresos

Posibles ganancias de capital de combinaciones de negocios exitosas

A partir de 2024, las ganancias de capital potenciales de HCVI están específicamente vinculadas a su fusión con Lucid Group, completado en julio de 2021, con un valor de transacción de aproximadamente $ 4.4 mil millones.

Detalles de la transacción	Valor financiero
Valor de transacción de fusión	$ 4.4 mil millones
Inversión en tuberías	$ 1.0 mil millones

Propiedad de capital en empresas fusionadas

HCVI mantiene la propiedad de capital en Lucid Group, con porcentajes específicos de participación de acciones que reflejan su estructura de inversión.

• Flota pública inicial de Lucid Group: 1.34 mil millones de acciones
• Capitalización de mercado a partir de enero de 2024: aproximadamente $ 3.2 mil millones

Tarifas de gestión de actividades de inversión

HCVI genera tarifas de gestión a través de su enfoque de inversión estratégica en el sector de vehículos eléctricos.

Categoría de tarifa	Valor anual estimado
Porcentaje de tarifas de gestión	1.5% - 2.0% del capital invertido total
Tarifas de gestión anuales estimadas	$ 10-15 millones

Compensación potencial basada en el rendimiento

La compensación basada en el rendimiento se estructura en torno al éxito de las empresas fusionadas y los rendimientos de las inversiones.

• Porcentaje de interés conllevado: 20% de las ganancias por encima de las tasas de obstáculo predeterminadas
• REPARACIÓN DE RENDIMIENTO: rendimiento superior del índice S&P 500

Creación de valor a través de transformaciones comerciales estratégicas

HCVI se centra en la creación de valor en los sectores de vehículos eléctricos y tecnología.

Métrica de creación de valor	Medida cuantitativa
Aumento del valor empresarial	25-35% Transformación posterior a la fusión
Ganancias de eficiencia operativa	Reducción de costos del 10-15%

Hennessy Capital Investment Corp. VI (HCVI) - Canvas Business Model: Value Propositions

The value propositions for the business combination between Hennessy Capital Investment Corp. VI and Namib Minerals, now trading as Namib Minerals (NAMM) post-merger completion on May 6, 2025, are segmented by the primary beneficiary of the transaction.

Target Company: Accelerated path to public listing versus a traditional IPO.

The Special Purpose Acquisition Company (SPAC) structure provided Namib Minerals with a direct route to the Nasdaq Stock Market, avoiding the typical timeline and uncertainty of a traditional Initial Public Offering (IPO). This transaction was noted as the largest African de-SPAC deal to date.

• Implied Pro Forma Combined Enterprise Value: $609 million.
• Pre-money Enterprise Value for Namib Minerals: $500 million.
• Additional capital potential tied to milestones: $300 million (via 30 million shares).

Target Company: Access to growth capital for expansion, exploration, and operations.

The public listing is intended to support the acceleration of development across Namib Minerals' portfolio, including restarting key assets. The preliminary funding requirement for the expansion program is substantial.

• Preliminary Capital Expenditure estimate for expansion: $300 million to $400 million.
• The company plans to fund this through a mix including project debt, strategic partnerships, and internal cash flows.
• The How Mine, the flagship asset, has an onsite processing facility with a milling capacity of approximately 475 ktpa.

The following table summarizes key operational and financial metrics underpinning the value proposition for investors in the newly public entity, Namib Minerals, based on 2025 guidance and recent performance data.

Metric Category	Asset/Guidance	Value/Amount
2024 Gold Production (How Mine)	Historical Performance	36.6 Koz
Historic Gold Output (1941-2024)	How Mine Cumulative	Approximately 1.82 Moz
2025 Production Guidance	Namib Minerals Forecast	24,000 to 25,000 ounces
2025 Adjusted EBITDA Guidance	Namib Minerals Forecast	$22 million to $26 million
2025 All-in Sustaining Cost (AISC)	Namib Minerals Forecast	$2,700 to $2,800 per ounce
Gross Profit Margin (as of late 2025)	Namib Minerals	47.57%
Feasibility Study Timeline	Redwing and Mazowe Restart Plan	12 to 18 months

Public Shareholders: Opportunity to invest in a private company (Namib Minerals) with a defined focus on gold production.

Shareholders of Hennessy Capital Investment Corp. VI gained exposure to a diversified miner with an established producing asset and a clear pathway to multi-asset production via the restart of two historically producing mines, Mazowe and Redwing.

• The company holds an interest in 13 exploration permits in the Democratic Republic of Congo, targeting copper and cobalt.
• The current resource base at the three main assets supports an estimated remaining mine life of eight years at How Mine.
• The company is certified under ISO 14001, 9001, and 45001 standards.

Sponsor: Potential for significant equity stake (founder shares) upon successful merger.

The sponsor, Daniel J. Hennessy, and associated parties, held Founder Shares. These shares were critical in structuring the deal to ensure sufficient capital remained in the Trust Account following shareholder redemptions, which was managed through non-redemption agreements.

• Greenstone's existing shareholders (predecessor to Namib management) owned approximately 74% of the equity of Namib Minerals at closing.
• The company's Trust Account balance was reported at approximately $35.7 million as of March 31, 2025.
• The Class B common stock (associated with sponsor interests) had a net loss per share of $(0.24) for Q1 2025.

Hennessy Capital Investment Corp. VI (HCVI) - Canvas Business Model: Customer Relationships

Transactional: One-time, high-stakes relationship with the target company (Greenstone/Namib Minerals).

The proposed business combination with Greenstone Corporation, which is expected to result in the formation of Namib Minerals, involves Greenstone\'s existing shareholders exchanging their equity for approximately 74% of the equity of Namib Minerals upon closing. The Special Meeting of stockholders to vote on the Business Combination was held on May 6, 2025, with stockholders of record as of the close of business on March 31, 2025, entitled to vote. The outside date for consummating the Business Combination was extended to June 30, 2025.

Investor Relations: Regular SEC filings and proxy statements to public shareholders.

Hennessy Capital Investment Corp. VI filed its Form 10-K for the fiscal year ended December 31, 2024, on March 31, 2025. The company filed a Form 425 on December 9, 2024, regarding the Business Combination Agreement amendment, and another Form 425 on May 7, 2025, concerning the Special Meeting of Security Holders. The Registration Statement on Form F-4, which includes the Proxy Statement, was declared effective by the SEC on March 17, 2025, with an amendment declared effective on April 23, 2025.

• Form 10-K for FYE December 31, 2024, filed on March 31, 2025.
• Form F-4 Registration Statement declared effective March 17, 2025.
• Special Meeting of Stockholders held May 6, 2025.
• Stockholders of Record Date for Special Meeting: March 31, 2025.

High-Touch: Direct communication with institutional investors and the sponsor.

The sponsor engaged in capital management activities involving non-redemption agreements with investors, which included the transfer of Founder Shares as compensation to secure the retention of funds in the Trust Account. In November 2024, the sponsor transferred 750,000 founder shares to Thomas D. Hennessy and 250,000 founder shares to Nicholas Geeza. The sponsor also expected to transfer 25,000 founder shares to each independent director.

Redemption Management: Processing shareholder redemptions during extension and merger votes.

Shareholder redemptions during extension periods resulted in significant amounts being removed from the trust account prior to the 2025 filings. The company recorded an excise tax liability of approximately $3,229,000 related to these redemptions in 2023 and 2024. As of March 31, 2025, the Trust Account maintained a balance of approximately $35.7 million.

The historical redemption activity impacting the Trust Account balance is detailed below:

Redemption Event Date	Amount Removed from Trust Account
September 2023	$86.1 million
January 2024	$215.3 million
September 2024	$21.4 million

Hennessy Capital Investment Corp. VI (HCVI) - Canvas Business Model: Channels

You're looking at how Hennessy Capital Investment Corp. VI, before it became Namib Minerals, got its information out and traded its securities in late 2025. The channels shifted significantly as the SPAC (Special Purpose Acquisition Company) timeline ran out and the de-SPAC (business combination) closed.

Public Stock Exchange: Nasdaq (HCVI, then NAMM) for trading shares and warrants

The primary channel for Hennessy Capital Investment Corp. VI securities was the Nasdaq Stock Market LLC, where shares of Class A common stock, redeemable warrants, and units traded under the symbols HCVI, HCVIW, and HCVIU, respectively. At the time of the delisting notice, the company had a market capitalization of $159 million. The warrants had an exercise price of $11.50. The channel changed following the business combination with Greenstone Corporation, which resulted in the formation of Namib Minerals.

• Trading suspension from Nasdaq commenced on April 4, 2025.
• The successor entity, Namib Minerals, began trading on the Nasdaq Global Market starting June 6, 2025.
• Namib Minerals Ordinary Shares trade under the symbol NAMM.
• Namib Minerals Warrants trade under the symbol NAMMW.
• Namib Minerals rang the Nasdaq Closing Bell on July 25, 2025.

SEC Filings: Proxy statements (Form F-4) and 8-K reports for formal communication

Formal, legally required communications flowed directly through filings with the U.S. Securities and Exchange Commission (SEC). These documents served as the official record for major corporate actions, including extensions and the final merger vote.

Filing Type	Key Event Date	Associated Ticker/Entity	Relevant Financial/Date Detail
Form 8-K	October 1, 2024	HCVI	Stockholders approved extension to March 31, 2025, with potential further extension to June 30, 2025.
Form F-4 (Post-Effective Amendment)	April 23, 2025	HCVI / Namib Minerals	SEC declared effective the registration statement for the merger.
Proxy Statement (within F-4)	March 31, 2025	HCVI	Record date for stockholders eligible to vote on the merger.
Proxy Statement (within F-4)	May 5, 2025	HCVI	Date of the Special Meeting of Stockholders to vote on the merger.
Form 8-K	June 5, 2025	HCVI / NAMM	Reported the closing of the business combination.

The special meeting to approve the merger, which was originally scheduled for April 7, 2025, was rescheduled to May 5, 2025. Shareholder approval for the merger was secured on May 6, 2025. The company's pre-merger market capitalization was noted as $159 million. Namib Minerals reported revenue of approximately US$86 million in 2024 from its How Mine asset.

Investment Banks: Underwriters and placement agents for IPO and PIPE financing

Investment banks acted as crucial intermediaries for the initial capital raise and any subsequent financing efforts, such as a PIPE (Private Investment in Public Equity) transaction needed to shore up the trust account prior to closing.

• The initial public offering (IPO) utilized investment banks as underwriters to sell the initial units.
• Placement agents were used to secure private capital commitments, such as the Non-Redemption Agreement investor who committed to not redeem 132,398 shares of Class A common stock in exchange for 9,735 shares of Class B common stock.

OTC Markets: Temporary trading venue after Nasdaq delisting in April 2025

When the Nasdaq listing rules were not met, the securities temporarily migrated to the OTC Markets, a less regulated and typically less liquid venue. This was a necessary channel to maintain trading ability while the final merger steps were completed.

• Trading suspension on Nasdaq was effective April 4, 2025.
• Securities traded on OTC Markets under tickers HCVI (shares), HCVIW (warrants), and HCVIU (units).
• The stock was trading at $11.67 near the time of the delisting notice.

Finance: review the post-merger liquidity profile of NAMM versus the pre-merger OTC trading volume by Tuesday.

Hennessy Capital Investment Corp. VI (HCVI) - Canvas Business Model: Customer Segments

You're looking at the core groups that made Hennessy Capital Investment Corp. VI (HCVI) function, right up to its final business combination. Even though the SPAC structure is now officially merged into Namib Minerals (NAMM) as of June 2025, these segments defined the capital structure and the deal itself.

Public Shareholders: Retail and institutional investors who purchased HCVI units/shares in the IPO or open market.

This group provided the primary trust account capital. The initial public offering (IPO) in September/October 2021 priced 30,000,000 units at $10.00 per unit, raising $300 million gross proceeds. By March 31, 2025, the cash held in the Trust Account, after significant redemptions from prior years, was approximately $35.7 million. Following the merger completion in May 2025, the equity split shows that the pre-merger public stockholders' influence was diluted, as Greenstone's existing shareholders ended up owning approximately 74% of the equity in the combined public company (NAMM) at closing. The public shareholders had the right to redeem their Class A common stock for their pro rata share of the Trust Account balance prior to the vote.

Target Company: Private, high-growth industrial technology or energy transition company, ultimately an African gold producer.

The ultimate target was Namib Minerals, an established African gold producer. The transaction valued Namib Minerals at a pre-money enterprise value of $500 million. The implied pro forma combined enterprise value for the resulting public company was $609 million. Namib Minerals' portfolio includes the producing How mine in Zimbabwe, which had produced an aggregate of approximately 1.82 million ounces of gold from 1941 through December 31, 2024. The deal structure included up to an additional 30 million PubCo ordinary shares tied to operational milestones, such as the commercial production of the Mazowe and Redwing mines.

Sponsor and Affiliates: The founding team and initial investors providing seed capital.

The Sponsor, Hennessy Capital Partners VI LLC, was crucial for seeding the initial equity and providing working capital. In October 2024, the Sponsor purchased 5,750,000 Class B ordinary shares (founder shares) for an aggregate purchase price of $25,000, equating to roughly $0.004 per share. Furthermore, as of March 10, 2025, the Sponsor had outstanding working capital loans to HCVI totaling approximately $448,407, which were convertible into 298,937 SPAC Private Placement Warrants at the lender's option. The Sponsor's economic interest is heavily weighted toward these founder shares and warrants, subject to vesting based on post-closing operational performance.

PIPE Investors: Institutional investors providing additional financing for the merger.

The PIPE (Private Investment in Public Equity) was a critical component to ensure the Minimum Cash Condition was met for the merger to close. The transaction targeted approximately $60 million in additional funding from one or more financing agreements executed prior to the Closing. This $60 million target, combined with the estimated net proceeds to Namib of approximately $91 million (assuming zero redemptions), was intended to provide sufficient capital for Namib Minerals' growth plan.

Here's a quick look at the key financial anchors for these segments:

Customer Segment	Key Financial/Statistical Metric	Amount/Value
Public Shareholders	Gross IPO Proceeds	$300,000,000
Public Shareholders	Trust Account Balance (as of March 31, 2025)	Approx. $35,700,000
Target Company (Namib)	Pre-Money Enterprise Value	$500,000,000
Target Company (Namib)	How Mine Cumulative Gold Production (through Dec 31, 2024)	Approx. 1.82 million ounces
Sponsor and Affiliates	Founder Share Purchase Price (Total)	$25,000
Sponsor and Affiliates	Working Capital Loans Outstanding (as of March 10, 2025)	Approx. $448,407
PIPE Investors	Targeted PIPE Funding Amount	Approx. $60,000,000

The structure relied on a specific mix of capital sources to close the deal:

• The initial capital base was the $300 million from the IPO units.
• The Sponsor's equity stake was secured for $25,000 in cash.
• The deal required a minimum of $60 million from the PIPE to supplement the remaining trust cash.
• The post-merger entity, NAMM, inherited the operational history of the How mine, which generated $42 million in revenue in the first half of 2024.

Hennessy Capital Investment Corp. VI (HCVI) - Canvas Business Model: Cost Structure

You're looking at the hard costs Hennessy Capital Investment Corp. VI (HCVI) has been absorbing while pursuing its business combination. For a Special Purpose Acquisition Company (SPAC) that hasn't yet closed a deal, the cost structure is almost entirely composed of operational overhead and shareholder servicing.

Operating Expenses: Loss of approximately $14.831 million as of March 31, 2025, primarily from public company costs. This loss reflects the ongoing burn rate associated with maintaining public listing status, even while trading over the counter post-delisting. Honestly, this figure is heavily influenced by non-cash items, specifically the estimated fair value of founder shares given as compensation for entering into 2024 Non-Redemption Agreements.

The costs associated with the Trust Account are non-trivial, even if they don't hit the income statement as traditional operating expenses. These cover the administrative necessities to keep shareholder capital secure until a vote on the merger with Greenstone Corporation (to form Namib Minerals) occurs.

• Fees for the trustee managing the funds held in the trust account.
• Investment management fees on the trust account's demand deposits, which generated interest income of approximately $2.573 million for the period ending March 31, 2025.

Transaction Costs are the big variable expenses that hit when a deal is near. These are the legal, accounting, and advisory fees required to execute the business combination. While the exact total legal and advisory fees aren't explicitly itemized as a single figure in the latest reports, the sponsor has made a significant commitment to cover these liabilities.

The sponsor committed that neither Hennessy Capital Investment Corp. VI, Greenstone, nor the post-merger entity will have any liability with respect to unpaid SPAC transaction expenses. To back this up, the sponsor agreed to forfeit over 6.6 million shares of common stock, plus an amount equivalent to unpaid working capital loans if creditors opt for equity repayment.

Deferred Underwriting Fees are typically paid only upon the successful closing of the de-SPAC transaction. These fees are a known future liability tied to the initial public offering proceeds. Furthermore, the company recorded an excise tax liability of approximately $3,229,000 related to Class A common stock redemptions that occurred in 2023 and 2024.

Redemption Payouts represent the most significant cash outflows from the Trust Account, representing shareholder choice to exit before the merger. These are direct cash distributions, not operational costs, but they drastically alter the capital structure available for the combined entity.

Here's the quick math on the major redemption events leading up to the March 31, 2025, reporting date:

Redemption Date/Period	Cash Outflow Amount
September 2023 Extension	$86.1 million
January 2024 Extension	$215.3 million
September 2024 Extension	$21.4 million
Total of Noted Redemptions	$322.8 million

The Trust Account balance as of March 31, 2025, stood at approximately $35.7 million, which is what remains after those significant shareholder exits. Finance: draft 13-week cash view by Friday.

Hennessy Capital Investment Corp. VI (HCVI) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Hennessy Capital Investment Corp. VI, which, as a Special Purpose Acquisition Company (SPAC), has a very specific, event-driven revenue profile before its initial business combination closes. Honestly, most of the financial activity before the merger is about preserving capital and generating minimal income from that capital.

The primary sources of income or value realization are tied directly to the deployment of the trust account funds and the eventual success of the merger transaction itself. Here's how the money flows, or is accounted for, leading up to that final event.

Interest Income

This is the most consistent, albeit small, revenue stream while Hennessy Capital Investment Corp. VI holds its cash in trust. You see this clearly in the latest filings.

• Interest Income: Approximately $2.573 million generated from demand deposits in the trust account and operating account as of March 31, 2025.

Private Placement Proceeds

This relates to the capital raised from the Sponsor and anchor investors alongside the Initial Public Offering (IPO) to supplement the trust account. The initial private placement units purchased by the Sponsor and others in November 2024 totaled an aggregate purchase price of $5,000,000 for 500,000 units. The prompt mentioned a figure of $6.9 million, but the latest concrete data point I have for a private placement unit purchase is $5.0 million.

Sponsor Promote Value

This isn't traditional revenue, but it's the core financial upside for the Sponsor, Hennessy Capital Partners VI LLC. It's realized only upon a successful de-SPAC (the merger completion).

The value is tied to the Sponsor's Class B ordinary shares (founder shares). To facilitate extensions and secure deal support, the Sponsor has made significant commitments, including forfeitures.

• The Sponsor agreed to forfeit over 6.6 million shares of common stock as part of amendments to the business combination agreement with Greenstone Corporation.
• The operating loss reported as of March 31, 2025, was primarily due to the estimated fair value of founder shares provided as compensation to investors for entering into 2024 Non-Redemption Agreements.

Merger Completion

The successful closing of the transaction-the business combination-is the ultimate value creation event, converting the SPAC structure into an operating company, which then generates operating revenue. Hennessy Capital Investment Corp. VI entered into a business combination agreement with Greenstone Corporation, an established gold producer.

The structure of this event dictates the final realization of value for all parties, including the conversion of warrants and the Sponsor's founder shares into the post-merger entity's stock.

Here's a quick look at the capital structure elements influencing this final revenue event:

Financial Component	Reported/Committed Amount	Context/Date
IPO Gross Proceeds	$340.9 million	Total raised at IPO (October 1, 2021)
Private Placement Unit Purchase Price	$5,000,000	Aggregate purchase price for 500,000 units (November 2024)
Trust Account Interest Income	$2.573 million	As of March 31, 2025
Sponsor Share Forfeiture	Over 6.6 million shares	Agreed upon in April 2025 amendment

The company anticipated delisting from Nasdaq after March 31, 2025, and trading over the counter until the business combination was completed. The primary revenue stream shifts entirely upon closing the deal with Greenstone, which was anticipated in the second quarter of 2025.

Finance: draft 13-week cash view by Friday.